deposited cheque from savings account in firms account......... 200000 rupees journal entry
Answers
Bank A/c(current account)…..Dr 200000
To Bank A/c(Savings ccount) 200000
(Being cheque deposited from savings)
Explanation:
In this transaction we are paying the firm through cheque of an amount of 2 lakhs. The two accounts that are being affected are the Savings and current accounts of the bank. The rule of accounting says that we should debit what comes in credit what goes out, this rule only applies for real accounts only since bank is an asset in all assets are real accounts this rule can apply.
The payee's bank account will be debited as cash is coming in and the payer's bank account will be credited because cash is going out making this a valid transaction.
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Answer:
Bank A/c. ...Dr. 200000
To Capital A/c. 200000
(Deposited cheque from Savings A/c)
Explanation:
The bank A/c is debited as the money in bank increases.
The capital a/c is credited as the owner deposited chq. from his personal savings a/c and thus it is a capital for business